Market Status: Closed Wed 27 May 15, 9:31 PM (BST)
TREC Holder name:
CSE NEWSToday's Trade: Today's (27 May 2015) Total Trades: 28,703; Volume: 20,415,821 and Turnover: Tk. 741.86 million.
Buy ConfirmationREPUBLIC: Mrs. Naheem Hossain Chowdhury, Sponsor of Republic Insurance Co. Ltd., has further reported that she has purchased 36,000 shares of the Company at prevailing market price through Stock Exchange as announced earlier.
Sell ConfirmationNBL: Mr. Mohammed Abdul Halim, Sponsor of National Bank Ltd., has further reported that he has sold 1,00,000 shares of the Bank at prevailing market price through Stock Exchange as announced earlier.
Buy IntentionNCCBANK: Mr. Khondkar Zakaria Mahmud, Sponsor of NCC Bank Ltd., has reported his intention to buy 1,25,000 shares in addition to his holding of 42,09,331 shares of the company at prevailing market price through Stock Exchange within next 30 working days.
Bonus Share CreditedABBANK: AB Bank Ltd. has informed that the Bonus Shares of the Bank for the year ended on 31 December 2014 have already been credited through CDBL to the respective shareholders' BO A/Cs on 25 May 2015.
Credit RatingIFADAUTOS: Credit Rating Agency of Bangladesh Limited (CRAB) has informed that the entity rating (surveillance) of Ifad Autos Ltd. as ''A1'' with a stable outlook based on audited financial statements up to 30 June 2014, bank liability position as on 30 September 2014 and other relevant quantitative as well as qualitative information up to the date of rating declaration.
Credit RatingUCBL: Emerging Credit Rating Limited (ECRL) has assigned the surveillance rating to United Commercial Bank Ltd. as ''AA'' in the long term and '' ECRL-2'' in the short term along with a stable outlook to the Company on 7 May 2015 based on financials of the Company up to 31 December 2014 and other relevant qualitative information up to the date of rating.
Auditor's OpinionBDWELDING: The auditor of Bangladesh Welding Electrodes Ltd. has given the following qualified opinion in the audit report of the Company for the year ended on 31 December 2014: ''Basis for Qualified Opinion: Inventories (raw materials) amounting to Tk. 1,35,36,902 inherited from GOB in 1983 is non-existent as claim to GOB was turn down since the factory was sold ''as it is where it is basis''. The inventories (Raw materials and others) damaged by flood in the year of 2000 valued Tk. 2,90,98,090 are not useable and lying in the go-down as obsolete since then. But nothing has been written off in these Financial Statements under these heads for which inventories and value thereof do not conform to the requirements of BAS-2''.
Continue5-Auditor's OpinionBSC(cont-5):The above fact indicates that the existence of material uncertainty that may cast significant doubt on the BSC's ability to continue as a going concern in the foreseeable future, unless the Government of Bangladesh gives further liquidity support and the operational efficiency of the BSC is significantly improved 2. BSC restates previous year's figures of its Financial Statements every year. This is basically due to the embedded systemic flaws within the BSC which impedes to gather complete trail of accounting information pertinent to the respective reporting period of time. In 2013 Tk. 21,65,35,679 was deducted from Retained Earnings as prior year adjustments which has massive impact on EPS.''(end)
Continue4-Auditor's OpinionBSC(cont-4):But as per balance confirmation letter, Bank claim loan balance against Bangladesh Shipping Corporation Tk. 439,717,654.00 as on 30.06.2014 representing a difference of Tk. 41,57,44,452.00 which required to be provided in the accounts resulting overstatement of profit to the extent. Matter of Emphasis: 1. Without qualifying our opinion, we draw attention to the balances of operating activities of cash flows which show a negative balance of Tk. 3,54,21,670.00 this year as well as a negative balance of Tk. 358,871,014.00 related to last year. This indicates that BSC has been incurring operating loss both in current as well as last year.(cont)
Continue3-Auditor's OpinionBSC(cont-3):has allowed total waver of blocked interest liability of Tk. 143,946,053.00 payable by BSC subject to payment of liability against Interest bearing Blocked Principal A/C. (35005476) and Non Interest bearing Blocked A/C. (35005484) total amount of Tk. 34,212,886.10 within two years under semi-annual installments which would be fallen due on 25/02/2015, 25/08/2015, 25/02/2016 and 25/08/2016. 5. Interest on term loan of Agrani Bank Ltd. is Tk. 23,973,202.00 has been carried forward from 2008-2009. We have sent balance confirmation letter to confirm the balance and duly received.(cont)
Continue2-Auditor's OpinionBSC(cont-2):An amount of Tk. 18,735,943 from 8 employees as disclosed in note-7.01.01 ''Advance to Officer and Staffs (Shore & Afloat)'' is being carried forward since 2011 but no initiative is taken yet for this matter. 4. Loan balance with Sonali Bank Ltd. against vessel ''Banglar Shikha'' of Tk. 34,212,886 has been showing in the year 2013-2014. But as per balance confirmation letter of Sonali Bank Ltd. it has been found Tk. 178,158,939.10 including balance of Tk. 143,946,053.00 against Interest Remissionable Blocked A/C. 35005947. Mentionable that Sonali Bank Ltd. vide their letter no. SBL/AGR/CHATTA/GCD/459 Dated: 9/9/2014(cont)
Continue1-Auditor's OpinionBSC(cont-1):the provision that would have been required by actuarial valuation the management could not provide us the approval letter of the gratuity fund required as per para 2 of the first schedule (Part C) of the Income Tax Ordinance 1984. 2. An amount of Tk. 2,34,34,541.13 receivable from 69 parties have been carried forward since the year 2007 under the head Sundry Debtors Control Account of Tk. 107,24,70,042 which indicate doubtful of recovery. It is very unlikely that these amounts will be recovered from the parties but only a negligible amount of Tk.11,71,727 has been provided in the accounts during the year under report. 3. BSC does not have any policy regarding Advance to Employees.(cont)
Auditor's OpinionBSC: The auditors of Bangladesh Shipping Corporation has given the following qualified opinion and matter of emphasis in the audit report of the Company for the year ended on 30 June 2014: ''Basis for Qualified Opinion: 1. As disclosed in note 15 to the financial statements, BSC operates a defined benefit plan for gratuity scheme and makes provision as per the corporation's policy. But no actuarial valuation as per BAS 19 has been done, and hence it is not possible to confirm whether the year end provision agrees with, or approximates to,(cont)
Continue4-Auditor's ObservationAZIZPIPES(cont-4):5. Lease Rental Payable: The management of the Company adjusted the lease rental payable to Leasing Company according to the decision of Board Meeting held on 13 April 2015. Total amount payable as per reschedule agreement has been paid and property informed to the ILFSL for NOC since 2009. Due to lack of response from ILFSL, the Board of Directors decided to settle the matter during the year.'' (end)
Continue3-Auditor's ObservationAZIZPIPES(cont-3): The Company is under process of negotiation for restructuring with those Financial Institutions. Both, the Company and Uttara Bank Ltd., Dutch Bangla Bank Ltd. and National Bank Ltd. have gone into litigation to mitigate their respective grievances and such no interest has been charged during the year against those loans. However, the Company management should take pragmatic actions to negotiate the matter as early as possible.(cont)
Continue2-Auditor's ObservationAZIZPIPES(cont-2): all raw materials have been purchased from local market at higher price to avail local credit facilities. In our opinion for steady profit of the Company the cost of goods sold ratio to turnover should be reduced as much as possible and also sales price of the product should be re-fixed. 3. Pre-Production Expenses: During the year the Company has amortized Tk. 1,000,000 against Pre-Production Expenses. We feel that entire rest of the amount should be written off immediately. 4. Loan Fund: The Company has continuously been defaulting in payment of installments against term loan and cash credit from Uttara Bank Ltd., Dutch Bangla Bank Ltd. and National Bank Ltd., which included in Note-13 & 15.(cont)
Continue1-Auditor's ObservationAZIZPIPES(cont1-): In our opinion, production capacity must be utilized at the optimum level to strengthen the financial position of the Company. Further, it is mentioned that as of 31 December, 2014 the cumulative balance of retained earning stands on negative balance amounting to Tk. 467,569,550 and indebted to the extent of Tk. 591,042,297 consisting of loan fund and current liabilities. All these facts indicate serious uncertainty to be a going concern. 2. Cost of Goods Sold (COGS): The cost of goods sold represents 94.61% of the total turnover, which is the higher side and it was also 90.32% in the last year. The management of the Company opined that due to unavailability of the banking facilities,(cont)
Auditor's ObservationAZIZPIPES: The auditor of Aziz Pipes Ltd. has given the following audit observation in the audit report of the Company for the year ended on 31 December 2014: ''Audit observations: 1. Utilization of production capacity and ability of the Company to pay debt: The production capacity position of the Company is very poor which was decreased than the last year by 6.09%. Total utilization of attainable capacity of the Company is only 32.50% which was 38.59% at previous year. The management of the Company opined that the shortfall was made due to reduce demand emanated from general economic downturn, shortage of working capital and no-availability of banking support due to sub-judice matter.(cont)
Buy IntentionUNIQUEHRL: Unique Eastern (Pvt.) Ltd., Corporate Sponsor/Director of Unique Hotel & Resorts Ltd., has reported its intention to buy 20,00,000 shares in addition to its holding of 2,19,65,431 shares of the company at prevailing market price through Stock Exchange within next 30 working days.
CSE's Query ReplyLAFSURCEML: In response to CSE's query dated 26 May 2015, regarding the upward trend of its share price & volume, Lafarge Surma Cement Ltd. has informed that there has been no undisclosed material decision/information relating to the Company's operation/profitability that might have impact on the trade of the shares of the Company.
Change of AGM Date & TimeGENNEXT: Generation Next Fashions Ltd. has further informed that due to unavoidable circumstances, the 11th AGM of the Company will now be held on 27 June 2015 at 11:00 AM instead of 16 June 2015 at 10:30 AM. Other information of the AGM will remain same.
Buy IntentionDHAKABANK: Ms. Rakhi Das Gupta, Sponsor of Dhaka Bank Ltd., has reported her intention to buy 2,40,000 shares of the Bank in addition to her holding of 60,23,025 shares of the Bank at prevailing market price through Stock Exchange within next 30 working days.
Sell IntentionFIRSTFIN: Mr. A.Q.M Faisal Ahmed Chowdhury, Sponsor/Director of First Finance Ltd., has reported his intention to sell 5,00,000 shares out of his holding of 32,21,064 shares of the Company at prevailing market price through Stock Exchange within next 30 working days.
CSE NEWSSPOT TRADE: Please find SPOT Trade is continuing today on the trading of the shares of SPCL, BDWELDING, BDTHAI, KPCL & BANKASIA.
CSE NEWSMessage: All investors are requested to make their investment decision on the basis of financial strength of the companies not on the basis of rumor.
Important NewsCDBL(repeat): BO Accountholders can now pay and register for CDBL's Internet Balance Enquiry portfolio valuation & SMS Alerts services at their DP house.
Investor AwarenessBSEC's Message(Repeat): 1) It is not wise to invest in the capital market without having proper information, detail knowledge and experience regarding different aspects and nitty-gritty of the capital market. 2) It is to be kept in mind that the profit or loss whatever you make from investment is belong to you only. Therefore prudent investment decision based on knowledge and fundamentals can be your real assistance. 3) Don't pay heed to rumors at the time of buying and selling of shares. Buying and selling of shares based on rumor can be harmful. Even spreading of rumor is legally prohibited. (BSEC vide its letter no. SEC/SRMIC/2010/726 dated 23 November 2010).
Continue- Important newsBSEC(Repeat)(continue):In this situation, in the greater and long term interest of the growing capital market and investors, all related to Stock Exchange and market intermediaries i.e. stock broker/dealer, asset manager, merchant banker, issuer company including their officials are requested to abstain from giving opinion/comment on investment which may create enthusiasm or confusion among the investors. (end)
Important newsBSEC(Repeat): It is observed that in the context of the present condition of the capital market, many small and new investors are involved which is undoubtedly encouraging. But it is a matter of concern that a portion of these investors without having proper, timely and detail knowledge and reviewing/analyzing the information of the different aspects of the capital market are being attracted in investing on the basis of rumor, hearsay and different comments from different quarters, which may make their hard earned capital risky, as a result, it will not only hamper the confidence of these investors but may also create hindrance of the continuity and firm growth of the capital market.(continue)
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